Stock Market Review 7/24/2011

Even guys. Here is a video review of the stock market indexes.  Overall nice action in the market with the major indexes all popping between 2-3% for the week. GOLD, SILVER, OIL all looking bullish but a tad extended and overbought.  We will be watching for any bullish consolidation in these areas to setup potential swingtrades.   Overall the market has been in an extended trading range for all of 2011 and are at the top of the range.  Everytime we have reached the top of the range a pretty strong pullback has emerged. Will that be the case this time?  YOu never know as only the price action matters. As traders are job is to always manage risk and look for areas in the market that offer the most reward for the smallest amount of risk.  We will be watching to see if the top of the trading range is broken. Till then I wont be holding heavy amount of swings overnight as there is too much risk for pullbacks.  For now as I have been doing all year im looking to buy dips and sell rips till we break the range.

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